Answer Happy

Consider the following information and prepare a bank reconciliation, along with any resulting journal entries, for Dylex Corporation for the month ended February 28, 2015. Please enter journal entries for each of the following, if required 1. Outstanding deposit 2. Interest earned 3. NSF cheque 4. Bank service charge 5. Error 6. Notes receivable collected 7. Outstanding cheque 18,152 Bank statement balance Add: Outstanding deposit Dylex Corporation Bank Reconciliation January 31, 2015 18,250 Book balance Add: 750 Interest earned 19.000 Deduct Bank service charge 850 18,150 Adjusted book balance 13 18.165 15 Deduct Outstanding cheques #413 Adjusted bank balance 18,150
Bank Statement To: Dylex Corporation Cheques/Charges/Debits February 28, 2015 Deposits/Credits Balance February 2, 2015 February 5, 2015 February 9, 2015 750 800 1,350 #413 February 14, 2015 #422 February 14, 2015 #421 February 14, 2015 #420 February 14, 2015 #419 February 14, 2015 #423 February 14, 2015 NSF February 22, 2015 Bank service charge February 28, 2015 850 1,300 1,050 1,400 1,250 397 450 15 18,250 18,150 17,650 17,950 16,550 15,300 14,903 14,453 14 447 Interest earned 9 Cheque #423, for office supplies in the amount of $397 was recorded in the Cash Disbursements Journal incorrectly as $3,977. The NSF cheque for $450 was that of a customer. Cheques Written Date Debit Cash Desc PR 31/Jan Balance 28/Feb CR10 28/Feb CD 12 Account No. 101 Credit Balance 18.150 21 150 11,527 9,623 No. 419 420 15421 3,000 422 423 424 425 Total Cash Disbursements in February 1,250 1,400 1,050 1,300 3.977 1,350 1,200 11.527 Deposits Made February 5 9 28 Total Cash Receipts in February. 800 1,350 850 3,000 7:14 PM
a) Prepare a bank reconciliation, for Dylex Corporation for the month ended February 28, 2015. Dylex Corporation Bank Reconciliation February 28, 2015 Bank statement balance Book balance Add: Add: Deduct Deduct Outstanding cheques: + Adjusted bank balance Adjusted book balance b) Prepare resulting journal entries, if any. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January would be 15/Jan). General Journal Page GJ3 Date Account/Explanation F Debit Credit + & + - + 11 7:15 PM